With respect to gaming devices, dynamic paytables have been used to attract players to games and to hold on to or keep players wagering at the games. One such gaming device that has a dynamic paytable is a slot machine. In operation, the slot machine selects a paytable from a set of paytables based on the number of coins inserted into the slot machine or selects a paytable based on the state of the slot machine, i.e. bonus game. The slot machine's dynamic paytable is designed to take advantage of the observation that players are more apt to play gaming machines for longer periods of time if the payout is increased as the player continues to play the game.
Other slot machines change the paytable based on the amount wagered by the player. For example, if a player only puts one coin into a coin slot before pulling the handle then a first paytable is selected. If the player inserts two coins, then a second paytable is selected. If the player inserts three coins, then the player has an opportunity to win a much larger prize such as a “progressive” award. A progressive award is an award that is pooled from a number of different networked machines.
Dynamic paytables are not confined to slot machines. Video poker machines also use dynamic paytables as do conventional table games such as black jack, roulette or craps.